Nearing the quarter close it is an especially good time to remind ourselves of the larger moves and trends by checking quarterly and monthly charts. I covered the USA mains here, included these charts for oil in today's post, and here are some other USA ETFs I like to watch.
Sum
IBB Q chart 2 bars with RSI 90 - an incredible parabolic move that had to have a dramatic end. This sector probably in a very long consolidation period, but M chart suggests bounce.
SOXX looks good especially above the M 20MA; another reason to hold longs.
XLF congested (between rising and falling MAs on both charts) but still relatively weaker index on many levels; another reason to keep on short candidate list.
XLE bounced off M 200MA but 10MA still pushing down and looks to me like it could drop back down to form some higher low.
IBB Q chart here. This had an amazing run and led the rally for years. 2 quarterly closes with RSI above 90! That is a parabolic move and anyone holding without any profit protection plan at that point was just delusional. A very long consolidation is due.
This might be setting up for a bounce. Small red bar on the lower BB and just above a nicely rising 50MA. But I don't think the quarterly chart will zoom back up to highs anytime soon.
SOXX Q chart looks pretty good with higher close (at current level) and RSI room to go up.
SOXX M above the 20MA which is another reason to be holding the long positions.
XLF Q held 20MA but below flat or slightly falling 50MA. Glaring lower high compared to 2007 of course.
XLF M held rising 50MA but stuck under 10, 20, and 200MAs.
XLE Q chart held the lower BB but under a rising 50MA.
And there is a bounce from a M 200MA with classic RSI and BB divergence too. But 10MA still pushing down and this may have to form some higher low.